Mention big deposits in tax returns: I-T dept

Mention big deposits in tax returns: I-T dept

The Income Tax Department on Friday asked taxpayers to mention in their returns large cash deposits if any or any high-value transaction in the past one year.

Taxpayers who don't comply could be penalised or even prosecuted.

In a public notice issued in national dailies, the I-T Department said the last date for filing returns is March 31.

"Come clean. There is still time. Belated or revised returns for the assessment year 2016-17 and 2017-18 can still be filed up to March 31 with interest if any or late filing," the notice stated.

"Non-filing or incorrect filing may result in penalty and prosecution," it said.

Besides individual and Hindu Undivided Families with income more than Rs 2.5 lakh, those liable to file income tax return are all companies, trusts, associations and political parties whose income prior to claiming exemptions exceeds the minimum chargeable to tax.

For senior citizens aged between 60-80 years, the income tax exemption limit is Rs 3 lakh and for those above 80 years of age, the limit is Rs 5 lakh.

Earlier, the department had sent text messages to individual taxpayers asking them to file their returns by March 31.

It had warned that the laws have been changed and those who did not file by the due date would not be able to file returns at all.

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